Kansas City Welcomes INSTO Tap: A New Era in Contactless Payments
In a city known for its entrepreneurial spirit, Kansas City is buzzing with excitement as Bruce Chen officially launches INSTO Tap, a new contactless payment app designed for everyone, not just the established big businesses. This innovative platform allows users to accept credit card payments seamlessly through their smartphones, which makes it particularly appealing to individual sellers and small merchants alike.
From Inspiration to Innovation
The heart of it all is Kansas City Startup Village, where Chen first found the inspiration for his business back in 2016. This vibrant entrepreneurial hub, located at Stateline Road and 45th Street, ignited Chen’s vision to create a payment system that is both user-friendly and accessible.
After leaving Kansas City, Chen took his concept overseas to Taiwan, where he joined the FinTechSpace incubator. His hard work paid off over the next five years, culminating in the 2021 launch of INSTO Tap in partnership with Taipei Fubon Bank, one of Taiwan’s largest banks. Since then, the app has shown promising results, supporting nearly 5,000 merchants and more than 160,000 active users in Taiwan. Notably, the platform has recorded zero fraud incidents, a remarkable achievement in today’s digital world.
Explosive Growth and Future Plans
Chen’s vision is already becoming a reality; INSTO Tap processed an astounding 10 million transactions last year and has already doubled that to 20 million this year. The time was ripe for Chen to return to his roots and launch INSTO Tap in the U.S. Finally, on October 16, his dreams came full circle with the domestic debut of the app, this time collaborating with U.S. Bank.
“We spend years working on all the prerequisites to work with banks, including our compliance and our security,” Chen noted, emphasizing the rigorous groundwork necessary for a successful launch. “Today, we work with two large banks in two different countries, and we’re heading to Europe next year!”
What Makes INSTO Tap Stand Out?
Chen highlighted that INSTO Tap is not just another payment processor; it stands out from competitors like Square and Stripe by eliminating the need for expensive hardware. Users can download the app for free and enjoy no monthly fees. Most importantly, INSTO Tap supports individual sellers, a refreshing alternative because roughly 70% of our users are individual merchants. This approach allows many small sellers, who might not be considered viable clients by other companies, to thrive.
The average user of INSTO Tap conducts about $10,000 in transactions annually, and Chen proudly states, “For us, those are our best customers.” With a lean team of just ten employees, the company aims to continue its growth simply by leveraging their scalable, software-based model.
Looking Towards the Future
With the launch successfully behind them, Chen has ambitious goals for the company. He hopes to reach a stunning 1 million sellers worldwide within the next three to five years. As for Kansas City, Chen is enthusiastic about establishing an ongoing presence in his beloved city. “Kansas City is a great representation of our product and our company,” he said. “It is a really magical place, and I’m really glad that I came here. It was a part of my destiny.”
INSTO Tap is set to change the landscape of contactless payments, making it easier and more accessible than ever for individuals and small businesses to handle transactions, all while proudly operating out of Kansas City. With its unique approach and a promise of growth, this startup is one to watch moving forward!
